View Full Version : Taxman to wipe £1.5bn off Entrepreneurs' Relief

29th June 2017, 20:01
"Seemingly small tweaks to Entrepreneurs’ Relief will actually wipe £1.5billion off the value of the tax break contractors use when selling all or part of their PSC, an advisory warns.

Unveiled at Budget 2015, the changes mean that ER is now significantly more difficult to claim in 2017 because claimants are made to ‘jump through hoops,’ says Moore Stephens LLP.

The tax advisory says these hoops include requiring the business to be a ‘trading company;’ banning ER on goodwill claims on incorporating and ensuring any liquidation is not caught by TARR.

The collective effect of the restrictions is why HMRC projects that only £2bn of ER will be successfully claimed against Capital Gains Tax bills this year, down from £3.5bn in each of the two previous years.

“The gloves are now off for entrepreneurs”, he said. “It looks likely that, in the absence of any increases to income tax or national insurance rates, Capital Gains Tax could be the next target to help fund public services.”"

From CUK: Taxman to wipe £1.5bn off Entrepreneurs’ Relief :: Contractor UK (http://www.contractoruk.com/news/0013075taxman_wipe_15bn_entrepreneurs_relief.html)

Tory Scum :mad

29th June 2017, 20:19
Tax the 1%, so the 99% can have free stuff is what I say!!!!

Oh hang on:eek:

29th June 2017, 20:23
They will tax your sledges into oblivion.

29th June 2017, 20:53
They can give the money to the NHS instead.

29th June 2017, 21:40
KUATB (http://forums.contractoruk.com/accounting-legal/122384-did-i-miss-something-entrepreneurs-relief.html) - this was discussed two days ago.

29th June 2017, 21:54
KUATB (http://forums.contractoruk.com/accounting-legal/122384-did-i-miss-something-entrepreneurs-relief.html) - this was discussed two days ago.

He has only just now found the smelling salts.